ExpressTruckTax Blog

Monday, August 31, 2015

Hard to believe another tax season has come and gone; it seems like it just began. Today officially marks the deadline for Heavy Vehicle Use Taxes and Form 2290, and for those of you that haven’t filed yet, it’s time to get a move on!

Why push off what you have to do any longer and subject yourself to late penalties? We know you give enough of your hard-earned money to the IRS every year, so make sure that you get filed on time so you don’t have to give them any more!

How Can I File Today?

Just head on over to ExpressTruckTax.com, and you can get e-filed and receive your Schedule 1 in minutes! If you haven’t already filed with us before, you’ll need to create an account. All you’ll need to e-file is your:

EIN (employer identification number)

Vehicle VIN (Vehicle Identification Number)

Vehicle Taxable Gross Weight (Weight of Truck+Trailer+Maximum Load)

Once you finish your filing, we’ll send you a copy of your Schedule 1 to your email as soon as it’s accepted, which usually takes 20 minutes or less. You’ll also have the option to receive a text notification upon acceptance, automatic fax of your Schedule 1, and even a postal mailing of your full form if you’d like.

Plus, if you’ve filed with us before and none of your information has changed, you can copy last year’s return! Just click “Start New Return” from your dashboard after login, and then after choosing the tax year and first used month, just select “Copy a Previously Accepted Return”. No needless data entry, just click, pay, and transmit. Doesn’t get much easier than that, right?

What Happens if I Don’t Get Filed Today?

Well we don’t want to scare you but if you don’t file on time, you will be subject to late fees and penalties. The penalty for late payment of highway use taxes is 4.5% interest that accrues monthly on the total tax amount due. So for those of you with larger tax bills be sure that you file on time, because the interest will add up in a hurry.

If you need any help going through our software or have any 2290 related questions, just give our support specialists a call at 704.234.6005, or email us at support@expresstrucktax.com. We’ll be extending our support hours just for YOU! That’s right, we’ll be here all day for the deadline to help answer any of your questions and to make sure you get filed.

Tuesday, July 31, 2012

According to the U.S. Bureau of Labor Statistics, the demand
for truckers is increasing and is expected to continue to increase 10% over the
next 10 years. The heavy vehicle use tax or HVUT is a fee assessed annually on
these heavy vehicles operating on public highways at registered gross weights
equal to or exceeding 55,000 pounds. This tax is paid by filing IRS Form 2290.
The current tax period is July 1, 2012-June 30, 2013. The deadline to file for
all vehicles used during the month of July is August 31, 2012.

The penalty for not filing the IRS Form 2290 by August 31st
is equal to 4.5% of total tax due. This
amount is assessed on a monthly basis up to five months. Those who choose not
to make their HVUT payment also face an additional monthly 0.5% of the tax due
penalty. Additional interest charges of 0.54% per month accrue as well. Within
5 months of not filing and paying the HVUT tax, the HVUT liability that was
originally $550 will be over $700 in IRS tax debt. In addition to the monetary federal
penalties, states suspend the registrations of vehicles for which proof of HVUT
payment has not been provided. So not only will the taxpayer owe more money,
they will also be unable to renew their registrations, so they will be unable
to work. HVUT evasion penalties can even be as severe as fines and incarceration.

There are a few instances where a vehicle is exempt from
paying the HVUT tax, even if most of those instances; a Form 2290 is required
to be filed even if no tax is due. You
can find detailed information on the IRS site at www.irs.gov/trucker.

You can e-file your Form 2290 quickly and easily at
ExpressTruckTax.com and receive your Schedule 1 within minutes. Your Schedule 1 serves as proof of payment
for your HVUT and when you file by the August 31, 2012 deadline you will avoid
any IRS penalties. Contact our friendly
US based customer support center in Rock Hill, SC at 704-234-6005 or email us
at support@ExpressTruckTax.com.